The Government is proposing to introduce a property tax in the forthcoming Budget. The definition of property likely to be used will be limited to people’s homes and is not likely to include assets such as foreign properties, stocks and bonds, land, luxury items such as paintings and vintage cars etc.
The Community Platform (a network of 30 national community organisations working to address poverty, inequality and social exclusion) is suggesting, as an alternative, to levy a wealth tax on net assets valued over €1m. This would only apply to individuals with high incomes (over €100,000 or €200,000 for a couple). Certain liabilities e.g. mortgages, borrowings would be excluded. In addition, the Community Platform is suggesting that there would be exemptions to ensure that productive assets are not levied – such as farms and business assets.
To add your voice to the petition please log onto Wealth Tax Petition.
Also to view a video below of the Community Platform Wealth Tax proposal: